New regulations concerning the costs of financing capital market supervision in Poland were introduced with effect from January 1st, 2016 – the Polish Financial Supervision Authority reminds.
From that date, foreign investment firms performing transactions on the Polish market are obliged, under the amended Article 163 paragraph 10 of the Act on Trading in Financial Instruments, (Journal of Laws of 2014., position 94, as amended) to pay an annual supervision fee in the amount equivalent to EUR 10,000.
Any entity that is a “foreign investment company” operating on the Polish market within the meaning of these provisions has received a letter from the Polish Financial Supervision Authority, indicating an individual bank account number dedicated to that entity.
The supervision fee must be paid by bank transfer to this dedicated bank account, held with the National Bank of Poland, in PLN, calculated according to the average EUR/PLN exchange rate published by the National Bank of Poland on the day preceding payment.
In accordance with § 20. Regulation of the Minister of Finance of December 29th, 2015, on Fees to Cover the Costs of Capital Market Supervision (Journal of Laws of 2015., position 2347), this fee is payable in one installment, not later than on the last day of the third quarter of the calendar year, and in the case when the obliged company began operating after that date – not later than on the last day of the fourth quarter of the calendar year.
Failure to pay the above supervision fee will result in the suspension of the possibility to conclude transactions on the Polish stock market by the obliged company, until the settlement of any arrears.
